A report says many Americans are following the advice of their friends and family and seeking help from a financial planner, who, in turn, points them in the direction of valuable financial tools such as a life insurance policy.
According to a survey from First Command Financial Services, 43 percent of middle-class Americans who have hired a planner did so because they were recommended to by a friend or family member. Many also reported satisfaction with the decision, with 90 percent saying they trust the professional they hired to deal with their financial future.
"Middle-class Americans are looking to trust their finances to a personal coach," said Scott Spiker, the company's CEO. "They want someone who is willing to listen and is committed to providing honest guidance and patient advice. Americans want a local financial advisor who understands their needs and offers a sense of security and hope as they pursue their long-term financial goals and lifetime dreams."
At the same time, some Americans may decide a financial planner is too costly. In these instances, securing a term life insurance policy can at least ensure their family is covered financially now and into the future, experts say.